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WorksheetsMP IA #6 Part 1
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
The following example is of people who are producers of either goods or services. Classify the example as providing either a good or a service.Monica is a veterinarian who treats cats and dogs.
a)
Good
b)
Service
2.
What is a URL?
a)
An address on the World Wide Web
b)
An internet service provider
c)
A computer network
d)
A search engine
3.
You own a sandwich shop in a neighborhood that has many other competing sandwich shops. This means your demand is probably ___________.
a)
Inelastic
b)
Time-based
c)
Elastic
d)
Need-based
4.
Classify following item as land or capital: Eyeglasses
a)
Land
b)
Capital
5.
You pay a monthly fee to have telephone service for your business. The amount you pay is the same every month. This is an example of a ________ cost.
a)
Fixed
b)
Profit
c)
Variable
d)
Revenue
6.
Which of the following is part of the cost of goods or services sold for a company that paints people's homes?
a)
Fuel for the van
b)
A van to travel to people's homes
c)
Flyers to promote the company
d)
Paint
7.
You bake a cake for a friend's party, and the friend pays you for it. This makes you a _____________.
a)
Producer
b)
Consumer
c)
Purchaser
d)
Commodity
8.
Which of the following is a sign of a strong economy?
a)
An increase in GDP
b)
A decrease in spending power
c)
A shrinking economy
d)
An increase in unemployment
9.
A company that builds houses and a company that makes cars are part of the __________ industry.
a)
Wholesaling
b)
Manufacturing
c)
Retailing
d)
Extractive
10.
Which three things does money help people do in an economy? (Select three answers.) Avoid inflation Measure the value of commodities Store value Remove value Hide the price of a commodity Exchange commodities Increase inflation
a)
Measure the value of commodities, Store value, and Exchange commodities
b)
Remove value, Hide the price of a commodity, and Exchange commodities
c)
Avoid inflation, Measure the value of commodities, and Store value
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